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Anthropic Sheds Pentagon Fight Ahead of Anticipated $2 Trillion IPO
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A federal appeals court upheld the Pentagon’s supply chain risk designation for Anthropic on Sept. 25, adding a legal setback ahead of the AI company’s reported November IPO.
Key facts
- Prospective buyers have anticipated a valuation of about $2 trillion and an offering that could raise up to $100 billion
- Anthropic entered the dispute with a two-year prototype agreement worth up to $200 million, awarded in July 2025
- In a separate case, Anthropic estimated that reinstating broader government restrictions would cut its defense contractor and other Pentagon-related revenue by 50% to 100% and reduce total 2026
- Anthropic is discussing the IPO with prospective investors, while Nvidia has considered an anchor investment of up to $10 billion
Summary
A 2-1 appeals ruling allows the Pentagon to exclude Anthropic from defense work. A separate court order blocks broader restrictions Anthropic says could cost it billions. A federal appeals court on Sept. 25 rejected Anthropic’s challenge to the Pentagon’s decision to remove Claude from its supply chain. The confrontation grew out of the Pentagon’s demand to use Claude for all lawful purposes.